# Balanced Panel Pre/Post-2000 Split

Balanced subset: 98 countries present in both periods.

| Model | N | Countries | R² | Z₁ coef | Z₁ SE | Z₁ p | Sig |
|---|---|---|---|---|---|---|---|
| B1: Unbalanced pre-2000 | 953 | 98 | 0.109 | 1.0024 | 0.7793 | 0.1987 |  |
| B2: Unbalanced post-2001 | 2,269 | 99 | -0.022 | -1.4610 | 0.3836 | 0.0001 | *** |
| B3: Balanced pre-2000 | 953 | 98 | 0.109 | 1.0024 | 0.7793 | 0.1987 |  |
| B4: Balanced post-2001 | 2,246 | 98 | -0.021 | -1.4649 | 0.3872 | 0.0002 | *** |

## Full Coefficient Table

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| B1: Unbalanced pre-2000 | Z_1 | 1.0024 | 0.7793 | 0.1987 |  |
| B1: Unbalanced pre-2000 | Z_2 | -0.2115 | 0.1172 | 0.0714 | * |
| B1: Unbalanced pre-2000 | Z_3 | 0.0101 | 0.0048 | 0.0366 | ** |
| B1: Unbalanced pre-2000 | log_gdp_pc | 0.0513 | 0.0260 | 0.0483 | ** |
| B1: Unbalanced pre-2000 | rgdp_growth | -0.0001 | 0.0006 | 0.9274 |  |
| B1: Unbalanced pre-2000 | kaopen | -0.0006 | 0.0080 | 0.9361 |  |
| B1: Unbalanced pre-2000 | nfa_gdp_lag | -0.0012 | 0.0028 | 0.6618 |  |
| B2: Unbalanced post-2001 | Z_1 | -1.4610 | 0.3836 | 0.0001 | *** |
| B2: Unbalanced post-2001 | Z_2 | 0.1972 | 0.0548 | 0.0003 | *** |
| B2: Unbalanced post-2001 | Z_3 | -0.0075 | 0.0022 | 0.0005 | *** |
| B2: Unbalanced post-2001 | log_gdp_pc | 0.0509 | 0.0155 | 0.0010 | *** |
| B2: Unbalanced post-2001 | rgdp_growth | -0.0007 | 0.0003 | 0.0117 | ** |
| B2: Unbalanced post-2001 | kaopen | -0.0040 | 0.0048 | 0.4041 |  |
| B2: Unbalanced post-2001 | nfa_gdp_lag | 0.0339 | 0.0065 | 0.0000 | *** |
| B3: Balanced pre-2000 | Z_1 | 1.0024 | 0.7793 | 0.1987 |  |
| B3: Balanced pre-2000 | Z_2 | -0.2115 | 0.1172 | 0.0714 | * |
| B3: Balanced pre-2000 | Z_3 | 0.0101 | 0.0048 | 0.0366 | ** |
| B3: Balanced pre-2000 | log_gdp_pc | 0.0513 | 0.0260 | 0.0483 | ** |
| B3: Balanced pre-2000 | rgdp_growth | -0.0001 | 0.0006 | 0.9274 |  |
| B3: Balanced pre-2000 | kaopen | -0.0006 | 0.0080 | 0.9361 |  |
| B3: Balanced pre-2000 | nfa_gdp_lag | -0.0012 | 0.0028 | 0.6618 |  |
| B4: Balanced post-2001 | Z_1 | -1.4649 | 0.3872 | 0.0002 | *** |
| B4: Balanced post-2001 | Z_2 | 0.1977 | 0.0553 | 0.0004 | *** |
| B4: Balanced post-2001 | Z_3 | -0.0075 | 0.0022 | 0.0006 | *** |
| B4: Balanced post-2001 | log_gdp_pc | 0.0512 | 0.0156 | 0.0010 | *** |
| B4: Balanced post-2001 | rgdp_growth | -0.0007 | 0.0003 | 0.0134 | ** |
| B4: Balanced post-2001 | kaopen | -0.0046 | 0.0049 | 0.3530 |  |
| B4: Balanced post-2001 | nfa_gdp_lag | 0.0342 | 0.0065 | 0.0000 | *** |

*Controls: log_gdp_pc, rgdp_growth, kaopen, nfa_gdp_lag*